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Analysts Changed Their Ratings on These Upstream Stocks Last Week

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Sep. 10 2018, Published 7:17 a.m. ET

Southwestern Energy Company

BMO Capital downgraded Southwestern Energy (SWN) to “market perform” from “outperform.” Now, 71.4% of analysts surveyed by Reuters rate Southwestern Energy as a “hold,” 17.9% rate it as a “sell,” and the remaining 10.7% rate it as a “buy.” SWN’s average target price of $6.3 implies ~29% upside potential from the current price levels.

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ConocoPhillips

ConocoPhillips (COP), the largest US exploration and production company by market capitalization, saw a rating downgrade and price target increase last week. BofAML downgraded COP to “neutral” from “buy.” On the other hand, Goldman Sachs increased the company’s target price to $81 from $80. Overall, COP has seen three new coverage initiations, two downgrades, and one upgrade since the start of this year. Now, 59.1% rate it as a “buy,” 36.4% rate it as a “hold,” and the remaining 4.5% rate it as a “sell.” COP is currently trading below the low range ($72) of analysts’ target price. Its average target price of $80.7 implies ~15% upside potential from the current price levels.

Cimarex Energy

Suntrust Robinson downgraded Cimarex Energy (XEC) last week. It lowered XEC to “hold” from “buy” and reduced its target price to $94 from $130. Before this, J.P. Morgan lowered the stock to “neutral” from “overweight.” Overall, XEC has seen six rating updates since the start of this year including three upgrades, two downgrades, and one new coverage initiation. Now, 59.3% of analysts rate XEC as a “buy,” and the remaining 40.7% rate it as a “hold.” XEC’s average target price of $120.5 offers ~44% upside from the current price levels.

Centennial Resource Development

Suntrust Robinson upgraded Centennial Resource Development (CDEV) last week. It raised CDEV to “buy” from “hold” and increased its target price to $25 from $20. Before this, Barclays and Jefferies initiated coverage on CDEV with a “buy” rating. Overall, CDEV has seen six new coverage initiations since the start of this year. Now, 90.9% of analysts rate CDEV as a “buy,” and the remaining 9.1% rate it as a “hold.” CDEV is currently trading close to the low range of analysts’ target price. Its average target price of $25.6 implies ~33% upside potential from the current price levels.

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